Saudi Arabia to cut December oil exports by 500000 bpd

However, market participants say the global energy market could see another period of excessive supply of crude oil as soon as next year - with oil bulls looking at Bakken anxiously.

Russia, the world's second-biggest producer, said it would commit to any new agreement among producers to cut output. Counterparts from Russian Federation and the United Arab Emirates echoed that sentiment.

According to official figures, oil production in Bakken alone rose to the record level of 1.3 mln bpd last month, bottlenecking the majority of rail and pipeline routes.

"I think those reports are going to be even weaker because they will have to adjust for the increase in USA production".

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down. or risk another 2014-style slide in prices".

Saudi Arabia is the largest oil exporter in the world and the de facto leader of OPEC, a powerful group of 15 countries that coordinate their oil production levels in an effort to control global prices.

"It is beginning to look alarming in the sense that the resurgence of non-OPEC supply - in particular shale oil from the United States - is putting a lot of pressure on this fragile equation", Barkindo said in Abu Dhabi.

Following four sessions of losses, Brent crude futures crude was up 16 cents at $70.34 a barrel, paring gains after trading as high as $71.88.

This as global crude prices dropped by as much as 20 per cent since last month, easing the concerns of energy security and economic sustainability in countries that rely on oil imports - such as India, China, and Japan. Russia, by contrast, is in a more comfortable position, and Energy Minister Alexander Novak showed no sign he was ready to act immediately. The UAE now produces some 3 million barrels of oil a day. He said the committee were reviewing the market and would draw up a plan to deal with the prospect of higher supply in 2019.

Saudi Arabia may also struggle to convince other producers to follow its lead.

Al-Falih said that demand for Saudi crude was weaker for the first time since the kingdom started boosting production in the May-June period.

U.S. production has more than doubled over the last decade and surpassed 11 million barrels per day this summer. Saudi Arabia will cut production as well as exports, he said.

"We want to enter 2019 with a minimum amount of stocks", Falih said. Now "we're seeing the pendulum swing violently to the other side", he added.

"One thing that is abundantly clear, OPEC is in for a shale shocker as USA crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year", Innes said.

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